Bulgarian Businesses Lose Millions in Lost Production Days During Holidays
A merge of holidays leads to approximately 400 million BGN in losses for Bulgarian industries, according to Vasil Velev, the Chairman of the Managing Board of Bulgaria’s Association of Industrial Capital. This halt in production, unlike administrative sectors, directly impacts profits, reported Novinite.
"During this time, we’re essentially becoming poorer as a society because we’re not producing," Velev told Euronews Bulgaria. He noted the current situation is unique due to a decline in European and Bulgarian industrial production, with many enterprises closing before the holidays and only reopening on January 6th.
While the closure of businesses around holidays is a common occurrence, Velev noted that this year it was also forced due to a lack of orders and work in the industry. "In the EU, we’re competing on who can work less, and in that sense, Bulgaria is leading. We have many holidays, sick leaves, and early retirements. Although we work 8 hours, we’re effectively only productive for 5 hours. Despite this, the business seems to be doing well," he remarked.
Velev also expressed concerns about the 2025 Budget project, suggesting that the previous year’s budget should be extended by three months.